Saudi Arabia, the world's biggest oil exporter, on Wednesday lowered its July prices for Asian buyers after OPEC+ hiked output for a fourth month although the price cut was smaller than expected.

Saudi Arabia lowered the July price of its Arab Light crude for Asian buyers after OPEC+ decided to accelerate output hikes.

Crude oil futures turned lower in a volatile session, as a Bloomberg report said Saudi Arabia is open to additional significant OPEC+ production hikes after July in a bid for market share.